Today, Best Savings Rate, February 6, 2025 (top account pays 3.90% APY)

If you want to increase your savings, a high-yield savings account can provide competitive returns to help your balance grow faster. However, not all banks offer high interest rates, which is why it is important to shop around and find the most competitive savings rate. Read on to learn more about where to find the best savings rate.

Savings account rates are now falling after the Fed’s recent tax cuts.

The good news is that many high-yield savings accounts still offer about 4% APY. The best interest rates are usually offered by online banks, although you may be able to find comparable savings rates in certain credit unions and community banks.

As of February 6, 2025, the highest savings account interest rate offered by our partners is 3.90%. Goldman Sachs offers this rate, without the minimum open deposit required.

Read more: Goldman Sachs Savings Account Everything You Need to Know About Marcus

Here are some of the best savings rates available today by our proven partners:

Related: 10 Best High Yield Savings Accounts>>

After several years approaching zero interest rates, the Fed began raising federal funding rates in 2022 in order to combat rapid rise in inflation. As a result, savings interest rates also soared, reaching a 15-year high.

However, by the end of 2024, the Federal Reserve made a series of cuts to federal funds interest rates, and savings account interest rates have begun to decline. The Fed is expected to implement more tax cuts in 2025.

It is difficult to accurately predict how and when interest rates will change in the future, but it is certain that today’s high savings account interest rates will not last forever. So if you want to give your savings a boost and take advantage of the best prices on the market, there is no better time than now.

The requirements involved in opening a savings account vary by financial institution. However, if you are ready to open an account, you can follow these general steps:

• Research savings account prices: Of course, one of the most important factors to evaluate when choosing a savings account is interest rates. Make sure to choose a savings account with competitive interest rates to help your funds grow.

• Find out your essentials: While savings account interest rates should be the most important thing, this is not the only factor to consider. You also need to consider what you need from your account, whether it's no minimum balance requirement, low fees, or other privileges. It is key to find a savings account at a stable interest rate that can also help you achieve your goals.

• Prepare the documentation: Opening a bank account requires you to provide some important personal details and documents. Before launching the app, make sure you have a Social Security number, driver's license or passport number, and a proof of address.

• Fill in the application: In many cases, you can apply for a savings account online. However, some financial institutions may require you to visit the branch in person to apply. Either way, applying for a new savings account will take only a few minutes. In many cases, you will get an immediate approval decision.

• Fund your account: After you have approved your savings account application, you will need to add the funds to your account. Make sure you know any minimum open deposit requirements and funding schedules.

Read more: Step-by-step instructions for opening a high-yield savings account